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Moody's confirms Halliburton, unit ratings
Moody's Investors Service said it confirmed the Baa2 senior secured ratings of Halliburton Co. and DII Industries LLC, its wholly owned subsidiary. The outlook is positive.
Moody's said the rating actions end a rating review initiated on Dec. 18, 2002 in response to Halliburton's announcement of a proposed global settlement agreement intended to resolve all present and future personal injury asbestos and silica claims against the company through a pre-packaged Chapter 11 bankruptcy filing.
Halliburton subsidiaries named as defendants in asbestos lawsuits filed pre-packaged Chapter 11 bankruptcy proceedings on Dec. 16, 2003.
Moody's said the positive outlook reflects the potential for improvement in Halliburton's credit quality if insurance recoveries or the company's financial performance are better than expected.
The rating confirmation and positive outlook assume the global settlement plan will be approved as currently proposed. If the bankruptcy proceedings are subject to substantial delays or there is a material change in the proposed settlement plan, Moody's said it will review Halliburton's ratings.
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